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LIC HF profit dips 81% on bad loans



Mumbai: LIC Housing Finance’s profit after tax dropped 81% to Rs 153 crore for the quarter ended June 2021 from Rs 817 crore in the corresponding quarter of the previous year as bad loans took a toll. Shares of the company fell 4% to Rs 115 following the results, which were worse than market expectations. The company said that its provisions for expected credit loss stood at Rs 4,727 crore as on June 30, 2021 as against Rs 2,669 crore in the year-ago period. MD & CEO Y Viswanatha Gowd said, “Our performance was impacted due to the second wave of Covid, due to lockdowns being imposed in several states.” He added that with increased vaccinations and containment of the pandemic spread, the business has picked up since June 2021. “We expect a rebound in the remaining months of FY2022. There has been an increase in delinquencies, mostly due to economic activities being impacted in Q1. With improvement in economic activities and our increased and focused efforts in recovery, we are confident of controlling the same,” he added.



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